Hedonistic Americans?

[metis]

I was listening to two sets of economists (one set on CNN and the other set on PBS) talking about the Lehman Brothers filing for bankruptcy, along with the other financial news over the weekend and today, and they essentially blamed much of what we see happening on greed, both at the purchasing end and the loaning end. IOW, way too many people took out loans that could ill afford them even in good times, and way too many loaning institutions went for the fast and easy buck by attempting to capitalize on the buying market after 2004 by issuing insecure loans. Another part of the problem they said was a lack of governmental oversight accompanied with gentle slap-on-the-wrist penalties if caught. But this is only part of the problem as we also see that most American families are operating in debt.

Are we too hedonistic for our own good? Is there a solution? Do we need to somehow revamp our system? If so, how? Will these problems influence how you vote in November?

[jacknky]

We can't always expect individuals to act with restraint and we can NEVER expect corporations to act under any moral restraint at all as their sole function is to make a profit. We need MORE regulation to protect the public, another reason to vote for Democratic candidates.

[metis]

Originally Posted by jacknky

We can't always expect individuals to act with restraint and we can NEVER expect corporations to act under any moral restraint at all as their sole function is to make a profit. We need MORE regulation to protect the public, another reason to vote for Democratic candidates.

I hear ya.

BTW, nice seeing you over here at IF-- your contributions are always well thought out.

[M32B]

To vote is redundant, our money isn’t real but we can buy real stuff (material crap) with it. The market was meant to fail and it will to make room for a new market which will probably fail sometime in the futureto make room for Pax-America. We are like sheep constantly being fooled into believing that our voice is being heard. The republicans and the Democrates are all in the same club. We are sold new leaders the same way they sell us cars. If that’s what hedonism is then right on. Let the banks fail and keep your family feed and clothed with a place to stay. We will never become complete until we remove the problems that rule us. Untill then I will take from them as I need. In the end the real world needs to learn to share.... we'll never do that the way we are.

[arthra]

I look at the loan collapse a little like the Savings and Loan crisis of several years ago... Those who started Savings and Loan outfits and then spent the money on themselves well knowing the government would bail them out

There's an element in society that seems to benefit from loop holes in the law and sees no problem with absconding with people's money and getting them into financial hardship.

They use their relationships with people for financial gain.

Who stood to gain from selling homes to people they knew they could not afford and didn't give a hoot? Who stood to gain by selling the same house over to different buyers when the market collapsed?

[shaw-n]

Well, America is a corporation and all social security #'s are employee numbers.
You just don't get paid.
So small wonder all the political parties work for the bank.
Their sole concern is profit.
But at the employee's expense.
That is the heart of the New Deal.
People are far too trusting of rulers.
Understandable considering the meme's we are inoculated with from young.

[jacknky]

Originally Posted by metis

I hear ya.

BTW, nice seeing you over here at IF-- your contributions are always well thought out.

Thank you, Metis. I'm just following in your footsteps.